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ATVI

Activision Blizzard

$51.35

0.52 (1.02%)

07:48
01/11/19
01/11
07:48
01/11/19
07:48

More pipeline uncertainty to weigh on Activision multiple, says Morgan Stanley

After Activision Blizzard announced that Bungie would be taking over full publishing rights and responsibilities for the Destiny franchise, Morgan Stanley analyst Brian Nowak said he views this as in part due to a decision to reallocate resources away from Destiny, which has been recently underperforming the company's and his expectations. He estimates the impact to 2019 EPS to be only about 3%, but thinks that higher pipeline uncertainty, recent execution missteps and management departures will weigh on the stock's multiple. Nowak keeps an Overweight rating on Activision Blizzard shares, but said his model in under review.

  • 12

    Feb

ATVI Activision Blizzard
$51.35

0.52 (1.02%)

01/10/19
PIPR
01/10/19
NO CHANGE
Target $55
PIPR
Overweight
Activision Blizzard price target lowered to $55 from $57 at Piper Jaffray
Piper Jaffray analyst Michael Olson lowered his price target on Activision Blizzard to $55 after the company announced that Bungie will take over its Destiny franchise. The analyst estimates the deal to reduce the company's FY19 EPS by 15c and revenue by $400M, adding that the decision is also in line with Activision's history of waking away from franchises as they begin to fade. Olson keeps his Overweight rating on the shares, but notes that his implied valuation multiple is also being reduced on less pipeline clarity.
01/11/19
KEYB
01/11/19
NO CHANGE
Target $64
KEYB
Overweight
Activision Blizzard price target cut to $64 from $80 at KeyBanc
KeyBanc analyst Evan Wingren lowered his price target on Activision Blizzard to $64 from $80 on the ending of the relationship with Bungie, which will take over its Destiny franchise. The analyst tells investors in a research note that he continues to have conviction in his view of the company's IP, management and long-term drivers, and maintains an Overweight rating, but expects investors to continue to question near-term execution and a soft pipeline in FY19, which he feels will limit multiple expansion in the short term.
01/11/19
BNCH
01/11/19
NO CHANGE
Target $87
BNCH
Buy
Activision Blizzard price target lowered to $87 from $93 at Benchmark
After Activision Blizzard announced last night that Bungie will assume full publishing rights and responsibilities for the Destiny franchise, Benchmark analyst Mike Hickey said he believes the company is "continuing a clandestine restructuring," citing its recent management reshuffle, Blizzard cost cutting, franchise changes and headcount reductions. He has removed $177M and $496M in sales from the Destiny franchise for fiscal 2019 and FY20, respectively, from his estimates and lowered his price target on Activision Blizzard to $87, though he maintains a Buy rating on the stock.
01/11/19
STFL
01/11/19
NO CHANGE
STFL
Buy
Stifel sees limited FY19 financial impact to Activision from giving up Destiny
After Activision Blizzard announced last night that it plans for Bungie to assume full publishing rights for the Destiny franchise, Stifel analyst Drew Crum said he thinks the financial impact on his published 2019 estimates will be limited. The separation makes sense, as the relationship with Bungie seemingly deteriorated following what Activision management described as a disappointing performance for "Destiny 2: Forsaken" and Crum thinks this should free up resources to develop new IP and support existing franchises, such as Call of Duty live services, he said. He maintains a Buy rating on Activision Blizzard shares.

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SNY

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IBCP

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GOOG

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LAD

Lithia Motors

$87.13

1.57 (1.84%)

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CYDY

CytoDyn

$0.00

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  • 21

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ABT

Abbott

$71.43

0.9 (1.28%)

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SFUN

Fang Holdings

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TS

Tenaris

$24.32

0.64 (2.70%)

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PAAS

Pan American Silver

$14.17

-0.31 (-2.14%)

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CRWS

Crown Crafts

$5.68

(0.00%)

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AL

Air Lease

$37.50

0.6 (1.63%)

, BA

Boeing

$364.79

5.52 (1.54%)

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AL

Air Lease

$37.50

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BA

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UTSI

UTStarcom

$3.22

0.1 (3.21%)

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VRTX

Vertex

$194.63

4.19 (2.20%)

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ALNY

Alnylam

$83.08

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THO

Thor Industries

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PLWTY

Panalpina

$0.00

(0.00%)

08:44
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EFGSY

Eiffage

$0.00

(0.00%)

08:41
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TVFCF

Television Francaise 1

$0.00

(0.00%)

08:40
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ATVDY

Atresmedia

$0.00

(0.00%)

08:37
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TDPAY

Tod's

$0.00

(0.00%)

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SFRGY

Salvatore Ferragamo

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